More than half of Americans feel pressure to overspend on holiday gifts

(CBS News) — This holiday shopping season could generate more than $1 trillion for retailers. More than 160 million shoppers say they'll browse and buy this weekend. A new survey finds nearly half of all Americans feel pressure to break the bank when it comes to holiday gifts.

According to a new survey by Bankrate.com, 45 percent of Americans have felt pressured to spend more money on holiday gifts than what they are comfortable with.

"Gift-giving has a lot of expectations right now," data analyst Adrian Garcia said. "You just have a lot of pressure on gift-givers to give recipients something that amazes them, that wows them, that holds of up Instagram and Snapchat. You feel like you have to give a gift that's almost camera ready a lot of the times. And as we know, those camera-ready gifts cost money, and we only have so much of that, unfortunately."

An estimated 31 million Americans, about 13 percent of gift-givers, are willing to boycott gift giving altogether to dave money. Similarly, 22 percent of gift-giving Americans are willing to re-gift presents this holiday season, and 16 percent would give second-hand items rather than spring for something brand new.

Women have felt more pressure than men to overspend on holiday gifts (51 percent vs. 40 percent). However, to keep with the gift giving tradition, women are more willing than men to shop around for deals and use coupons (62 percent compared to 53 percent) and almost twice as likely to give homemade gifts (44 percent vs. 24 percent).